金融市场发展、劳动市场不完全与外商直接投资
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摘要
改革开放以来,我国吸引了大量的外商直接投资,从1993年开始我国已经连续二十年成为全世界吸收实际外商直接投资最多的发展中国家。究竟是何种原因使得如此大量的外商投资于我国呢?大量研究外商直接投资区位分布的文献表明：具有较大市场规模潜力、经济政治环境稳定、劳动力成本低廉、基础设施完善的地区外商投资较多。尽管关于外商直接投资和金融市场发展的研究相当丰富,但研究主要集中于外商直接投资区位选择理论、外商直接投资与金融市场发展对经济增长的作用以及外商直接投资的溢出效应方面,对于将金融市场、劳动市场联系在一起来研究影响外商直接投资的文献却较少,因此本文从要素市场不完全的视角：最基本的生产要素是资本和劳动,金融市场不完全会影响资本可获得的难易程度以及融资成本利率；而劳动市场不完全不仅会影响劳动的使用成本工资,还会使得解雇工人的难度及花费增加。基于此本文从最基本的两大生产要素资本和劳动出发,分析提供资本和劳动生产要素的金融市场和劳动市场,从金融市场和劳动市场这两大要素市场的新视角研究东道国金融市场和劳动市场共同作用下对于外商投资的影响。本文将东道国金融市场、劳动市场联系在一起研究影响外商直接投资的决策,从我国金融市场、劳动市场现状出发,通过探讨地区金融市场、劳动市场因素影响外商直接投资流入规模的机制与作用,提出改善我国金融市场、劳动市场的政策建议。
本文首先梳理了金融市场因素对外商直接投资流入的影响机制,并以此为基础建立理论模型,接着使用我国省级区域数据以及省际细分工业行业数据经验分析我国省际金融市场发展与行业特征对省际工业行业外商直接投资的影响；接着建立搜寻理论模型,将金融市场与劳动市场联系在一起,分析金融市场、劳动市场共同作用下对外商直接投资的影响,然后使用我国省级区域数据以及省际工业行业数据实证研究我国省际金融市场发展与行业融资依赖度、劳动市场与行业劳动密集度对省际工业行业外商直接投资的影响,最后根据研究结论并结合我国现状,提出相应的政策建议。
本文共分为六章：
第一章为引言,包括：选题背景、研究意义、研究思路和方法、篇章结构安排以及论文的创新点和难点。第二章为文献综述,主要是外商直接投资影响因素的文献综述、金融市场与外商直接投资的文献综述、劳动市场与外商直接投资的文献综述、金融市场与劳动市场的互动关系研究的文献综述。第三章为我国金融市场、劳动市场以及外商直接投资概述,首先描述了我国金融市场概况,接着从就业保护制度、劳动合同制度、社会保障制度三个方面介绍我国的劳动市场,然后是对我国外商直接投资的情况概述,介绍我国外商直接投资发展历程的五个阶段,包括初始阶段、稳步发展阶段、快速增长阶段、波动增长阶段、后WTO阶段以及我国外商直接投资主要来源地分布、外商直接投资的区域分布、外商直接投资的行业分布。第四章研究金融市场对外商直接投资的影响：先建立理论模型并对模型进行数值模拟,然后是金融市场对地区外商直接投资影响的实证分析以及金融市场对省际工业行业外商直接投资影响的实证分析。第五章为劳动市场、金融市场对外商直接投资的影响,先根据劳动市场、金融市场不完全情形下的搜寻机制建立理论模型,然后分别建立金融市场对外商投资的影响以及劳动市场对外商投资的影响的理论框架,最后是区域劳动市场、金融市场对地区外商直接投资的影响的实证研究以及劳动市场、金融市场对省际工业行业外商直接投资影响的实证分析。第六章为结论与政策建议。
通过建立理论模型和实证研究,本文得出以下结论：以我国分年份分省数据为样本,在控制了劳动力成本、市场潜力、国有化程度、经济开放程度、基础设施等影响因素后,估计结果表明劳动市场保护抑制了外商直接投资,金融市场发展水平的提高促进了外商直接投资。接着将地区特征与行业特征相结合,用我国分年份分省区细分工业行业数据,研究发现在控制了人力资本禀赋、劳动力成本、市场潜力、规模经济、经济开放程度等影响因素后,在地区劳动保护较小、劳动密集度大的行业,外商直接投资较多,金融市场发展较好的地区、融资依赖度大的行业,外商直接投资较多,并且结论不受控制变量选取差异、不同的度量指标以及变量内生性问题的影响,结论是稳健的、可信的。
Since the1978reform and opening up, China has attracted a lot of foreign direct investment and then has become the developing country that absorbed the most actual foreign direct investment around the world for20years since1993. Why there is such a large amount of foreign investment flowing into China? A host of literatures studying the location distribution of foreign direct investment suggest that foreign direct investment prefers areas with a larger size of potential market, the stable economic and political environment, the low labour cost and the perfect infrastructure. Although there have existed a great number of researches focusing on the relationship between foreign direct investment and financial market development, the majority of these studies only pay attention to the location choice theory of foreign direct investment, the influence of foreign direct investment and the development of financial market on economic growth as well as the spillover effect of foreign direct investment. Moreover, the literatures, studying the joint effect of financial markets and labour markets in host countries on foreign direct investment, are rare. Therefore, this paper will study from the perspective of incomplete factor markets. The basic production factors include capital and labour. Incomplete financial markets would affect the available degree of capital and financing costs, the interest rate, and furthermore incomplete labour markets not only affect labour costs, the wage, but also make the difficulties and expenses of laying off workers increase. Thus, this paper begins to study from the most basic production factors, capital and labour, then analyzes financial markets and labour markets that provide capital and labour separately and finally researches the joint impact of financial markets and labour markets in host countries on foreign direct investment under the new perspective of the joint action of financial markets and labour markets. Therefore, this paper connects financial markets and labour markets in host countries together to study the decision-making process of foreign direct investment. Given the status quo of the financial market and labour market in China, this paper would explore the mechanism and function through which the regional financial markets and labour market affect the scale of foreign direct investment flowing into China, and then propose the policy recommendations to improve the financial market and the labour market in China.
At first, this paper summarizes the influent mechanism through which financial markets puts impact on foreign direct investment inflows and then sets up the theoretical model based on analyses above. Then, this paper carries on the empirical test, using the provincial regional data and the provincial industrial data in China, to analyze the influent mechanism of the inter-provincial financial market and the industrial financial dependence on provincial, industry foreign direct investment. After that, a search theoretical model is established, linking financial markets and labour markets together, to observe and analyze the joint effect of financial markets and labour markets on foreign direct investment. Then, this paper takes advantage of the provincial regional data and provincial industrial data to empirically study the impact of the inter-provincial financial market, the labour market factors and the industrial financial dependence on inter-provincial, industrial foreign direct investment. Finally, the paper puts forward the relevant policy recommendations based on the conclusions and current situations which China faced with.
This paper includes six sections.
Section1is the introduction that briefly describes the research background and significance, the research idea and methods, the article structure and innovations and difficulties in this paper. Section2is the literature review that mainly consists of the existing studies about factors influencing foreign direct investment, the linkage of financial markets and foreign direct investment, the relationship of labour markets and foreign direct investment and the interaction between financial markets and labour markets. Section3overview situations of financial markets, labour markets and foreign direct investment in China. This part-firstly describes the basic conditions of the financial market in China, then presents the labour market in China from three aspects of the employment protection system, the labour contract system and the social security system and eventually sketches the conditions of foreign direct investment in China and introduces the development process of it from five stages, including the initial stage, the stable development stage, the rapid growth stage, the wave growth stage and the fifth stage after joining the WTO. Also, this part analyzes the distribution of main source of foreign direct investment, the regional distribution of foreign direct investment and the industry distribution of foreign direct investment in China. Section4studies the impact of financial markets on foreign direct investment. Here, we firstly establish a theoretical model, then carries on the numerical simulation with the model and finally empirically researches the effect of the development of financial market on regional foreign direct investment and on inter-provincial, industrial foreign direct investment. Section5states the impact of labour markets and the financial markets on foreign direct investment. At first, we set up a theoretical model based on the search mechanism under the incomplete labour markets and financial markets, then form the theoretical frameworks about the impact of the financial market as well as the labour market on foreign direct investment separately and eventually empirically research the effect of the regional labour market and the regional financial market on the regional foreign direct investment as well as the impact of the labour market and financial market on the inter-provincial industrial foreign direct investment. Section6concludes this paper and puts forward policy recommendations based on the main empirical findings.
Taking the yearly data from each province in China as sample, this paper builds up the theoretical model to regress empirically and reaches the conclusions that labour market protection would inhibit foreign direct investment, and that the high financial market development would promote foreign direct investment inflows after controlling other factors such as labour costs, market potential, nationalization degree, economic openness, infrastructure and so on. Combining region characteristics and industry characteristics together, this paper then takes advantage of the yearly industrial data from each province in China and finds that the relatively small labour-protection regions and relatively high labour-intensive industries would attract more foreign direct investment, and that foreign direct investment would prefer regions with better financial market development and industries with higher financial dependence after controlling the influential factors like human capital endowment, labour costs, market potential, economies of scale and economic openness. In addition, all these conclusions are robust and credible in spite of the different controlling variables, different metrics and the endogenous problem.
本文首先梳理了金融市场因素对外商直接投资流入的影响机制,并以此为基础建立理论模型,接着使用我国省级区域数据以及省际细分工业行业数据经验分析我国省际金融市场发展与行业特征对省际工业行业外商直接投资的影响；接着建立搜寻理论模型,将金融市场与劳动市场联系在一起,分析金融市场、劳动市场共同作用下对外商直接投资的影响,然后使用我国省级区域数据以及省际工业行业数据实证研究我国省际金融市场发展与行业融资依赖度、劳动市场与行业劳动密集度对省际工业行业外商直接投资的影响,最后根据研究结论并结合我国现状,提出相应的政策建议。
本文共分为六章：
第一章为引言,包括：选题背景、研究意义、研究思路和方法、篇章结构安排以及论文的创新点和难点。第二章为文献综述,主要是外商直接投资影响因素的文献综述、金融市场与外商直接投资的文献综述、劳动市场与外商直接投资的文献综述、金融市场与劳动市场的互动关系研究的文献综述。第三章为我国金融市场、劳动市场以及外商直接投资概述,首先描述了我国金融市场概况,接着从就业保护制度、劳动合同制度、社会保障制度三个方面介绍我国的劳动市场,然后是对我国外商直接投资的情况概述,介绍我国外商直接投资发展历程的五个阶段,包括初始阶段、稳步发展阶段、快速增长阶段、波动增长阶段、后WTO阶段以及我国外商直接投资主要来源地分布、外商直接投资的区域分布、外商直接投资的行业分布。第四章研究金融市场对外商直接投资的影响：先建立理论模型并对模型进行数值模拟,然后是金融市场对地区外商直接投资影响的实证分析以及金融市场对省际工业行业外商直接投资影响的实证分析。第五章为劳动市场、金融市场对外商直接投资的影响,先根据劳动市场、金融市场不完全情形下的搜寻机制建立理论模型,然后分别建立金融市场对外商投资的影响以及劳动市场对外商投资的影响的理论框架,最后是区域劳动市场、金融市场对地区外商直接投资的影响的实证研究以及劳动市场、金融市场对省际工业行业外商直接投资影响的实证分析。第六章为结论与政策建议。
通过建立理论模型和实证研究,本文得出以下结论：以我国分年份分省数据为样本,在控制了劳动力成本、市场潜力、国有化程度、经济开放程度、基础设施等影响因素后,估计结果表明劳动市场保护抑制了外商直接投资,金融市场发展水平的提高促进了外商直接投资。接着将地区特征与行业特征相结合,用我国分年份分省区细分工业行业数据,研究发现在控制了人力资本禀赋、劳动力成本、市场潜力、规模经济、经济开放程度等影响因素后,在地区劳动保护较小、劳动密集度大的行业,外商直接投资较多,金融市场发展较好的地区、融资依赖度大的行业,外商直接投资较多,并且结论不受控制变量选取差异、不同的度量指标以及变量内生性问题的影响,结论是稳健的、可信的。
Since the1978reform and opening up, China has attracted a lot of foreign direct investment and then has become the developing country that absorbed the most actual foreign direct investment around the world for20years since1993. Why there is such a large amount of foreign investment flowing into China? A host of literatures studying the location distribution of foreign direct investment suggest that foreign direct investment prefers areas with a larger size of potential market, the stable economic and political environment, the low labour cost and the perfect infrastructure. Although there have existed a great number of researches focusing on the relationship between foreign direct investment and financial market development, the majority of these studies only pay attention to the location choice theory of foreign direct investment, the influence of foreign direct investment and the development of financial market on economic growth as well as the spillover effect of foreign direct investment. Moreover, the literatures, studying the joint effect of financial markets and labour markets in host countries on foreign direct investment, are rare. Therefore, this paper will study from the perspective of incomplete factor markets. The basic production factors include capital and labour. Incomplete financial markets would affect the available degree of capital and financing costs, the interest rate, and furthermore incomplete labour markets not only affect labour costs, the wage, but also make the difficulties and expenses of laying off workers increase. Thus, this paper begins to study from the most basic production factors, capital and labour, then analyzes financial markets and labour markets that provide capital and labour separately and finally researches the joint impact of financial markets and labour markets in host countries on foreign direct investment under the new perspective of the joint action of financial markets and labour markets. Therefore, this paper connects financial markets and labour markets in host countries together to study the decision-making process of foreign direct investment. Given the status quo of the financial market and labour market in China, this paper would explore the mechanism and function through which the regional financial markets and labour market affect the scale of foreign direct investment flowing into China, and then propose the policy recommendations to improve the financial market and the labour market in China.
At first, this paper summarizes the influent mechanism through which financial markets puts impact on foreign direct investment inflows and then sets up the theoretical model based on analyses above. Then, this paper carries on the empirical test, using the provincial regional data and the provincial industrial data in China, to analyze the influent mechanism of the inter-provincial financial market and the industrial financial dependence on provincial, industry foreign direct investment. After that, a search theoretical model is established, linking financial markets and labour markets together, to observe and analyze the joint effect of financial markets and labour markets on foreign direct investment. Then, this paper takes advantage of the provincial regional data and provincial industrial data to empirically study the impact of the inter-provincial financial market, the labour market factors and the industrial financial dependence on inter-provincial, industrial foreign direct investment. Finally, the paper puts forward the relevant policy recommendations based on the conclusions and current situations which China faced with.
This paper includes six sections.
Section1is the introduction that briefly describes the research background and significance, the research idea and methods, the article structure and innovations and difficulties in this paper. Section2is the literature review that mainly consists of the existing studies about factors influencing foreign direct investment, the linkage of financial markets and foreign direct investment, the relationship of labour markets and foreign direct investment and the interaction between financial markets and labour markets. Section3overview situations of financial markets, labour markets and foreign direct investment in China. This part-firstly describes the basic conditions of the financial market in China, then presents the labour market in China from three aspects of the employment protection system, the labour contract system and the social security system and eventually sketches the conditions of foreign direct investment in China and introduces the development process of it from five stages, including the initial stage, the stable development stage, the rapid growth stage, the wave growth stage and the fifth stage after joining the WTO. Also, this part analyzes the distribution of main source of foreign direct investment, the regional distribution of foreign direct investment and the industry distribution of foreign direct investment in China. Section4studies the impact of financial markets on foreign direct investment. Here, we firstly establish a theoretical model, then carries on the numerical simulation with the model and finally empirically researches the effect of the development of financial market on regional foreign direct investment and on inter-provincial, industrial foreign direct investment. Section5states the impact of labour markets and the financial markets on foreign direct investment. At first, we set up a theoretical model based on the search mechanism under the incomplete labour markets and financial markets, then form the theoretical frameworks about the impact of the financial market as well as the labour market on foreign direct investment separately and eventually empirically research the effect of the regional labour market and the regional financial market on the regional foreign direct investment as well as the impact of the labour market and financial market on the inter-provincial industrial foreign direct investment. Section6concludes this paper and puts forward policy recommendations based on the main empirical findings.
Taking the yearly data from each province in China as sample, this paper builds up the theoretical model to regress empirically and reaches the conclusions that labour market protection would inhibit foreign direct investment, and that the high financial market development would promote foreign direct investment inflows after controlling other factors such as labour costs, market potential, nationalization degree, economic openness, infrastructure and so on. Combining region characteristics and industry characteristics together, this paper then takes advantage of the yearly industrial data from each province in China and finds that the relatively small labour-protection regions and relatively high labour-intensive industries would attract more foreign direct investment, and that foreign direct investment would prefer regions with better financial market development and industries with higher financial dependence after controlling the influential factors like human capital endowment, labour costs, market potential, economies of scale and economic openness. In addition, all these conclusions are robust and credible in spite of the different controlling variables, different metrics and the endogenous problem.
引文
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